|Period of Loan||Rate Payable|
Initial Fixed Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.9% APRC|
£40,000 to £1,000,000 or £3,000,000 aggregate lending over a maximum of 3 properties
Mixed Repayment/ Interest only mortgages will be considered
During the first 5 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid.
Regular overpayments are not permitted during the life of the product. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You can make capital repayments during the life of the product of up to 10% of the balance outstanding when the product was taken out without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 10% permitted will be subject to an Early Repayment Charge. Following receipt of a lump sum payment, the amount of capital you owe will be re-calculated and the amount of interest you pay will be reduced immediately.
A mortgage of £202,200.00 payable over 18 years and 8 months initially on a fixed rate for 2 years at 3.00% and then on our current variable rate of 5.24% for the remaining 16 years and 8 months, would require 24 monthly payments of £1,180.00 and 200 monthly payments of £1,392.91.
The total amount payable would be £308,241.00 made up of the loan amount plus interest (£104,702.00), Mortgage Exit Fees (£125.00), Product Fee (£499.00), Telegraphic Transfer Fee, (£25.00), Valuation Fee (£290.00), Administration Fee (£150.00) and Legal Fees (£250.00 - This is an estimated amount and may change).
The overall cost for comparison is 4.9% APRC representative.